fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
As with a traditional mortgage, interest on a reverse mortgage is deductible; however, this deduction is limited to interest paid on no more than $100,000 of loan principal. This is the IRS limit on home equity debt. reverse mortgage pays homeowners in advance for title to their principal residence. The loan comes in the form of a lump-sum or monthly payment, or a line of credit. When the homeowner moves out or dies, the loan is repaid by the heirs of the estate or after sale of the property.